DIS Shareholders and Stock Info ONLY

[HokieRaven5]

Former Apple Executive Jeff Williams nominated to the Board of Directors. Board also would expand to 11 seats

https://thewaltdisneycompany.com/je...o-the-walt-disney-company-board-of-directors/

The Walt Disney Company (NYSE: DIS) Board of Directors has nominated former Apple Inc. executive Jeff Williams to stand for election as a new independent director at the company’s 2026 annual meeting of shareholders. The total size of the board will be expanded to 11, effective as of the election of directors at the 2026 annual meeting.

Williams most recently served as Chief Operating Officer at Apple until his retirement earlier this year. After becoming COO in 2015, Williams oversaw Apple’s world-class design team, in addition to managing all of Apple’s global supply chain, service, and support functions. Among his many accomplishments during his nearly three-decade career with Apple, Williams was responsible for the launch of the Apple Watch and architecting the company’s health and fitness strategy.

 

[RivShore]

The idea that streaming cannot replace linear or its margins is just not true. Netflix last 4 reported quarters was at 29% average while Disney's linear network Margin was 31.6% in FY25.

Disney's DTC had a 5.6% operating margin in FY25. Their goal is to be at least at +10% by the end of FY26.

That 5-10% margin thru 2026 is what has the street concerned given they are losing linear margin at 31%.

Per that article I linked, the other concern of the Street is that DTC margin growth has been pretty flat for 5 quarters. Now, if it can get to Netflix margins sooner than later, I think we will be happy, probably not $200 happy, but happy.

 

[RivShore]

Former Apple Executive Jeff Williams nominated to the Board of Directors. Board also would expand to 11 seats

https://thewaltdisneycompany.com/je...o-the-walt-disney-company-board-of-directors/

The Walt Disney Company (NYSE: DIS) Board of Directors has nominated former Apple Inc. executive Jeff Williams to stand for election as a new independent director at the company’s 2026 annual meeting of shareholders. The total size of the board will be expanded to 11, effective as of the election of directors at the 2026 annual meeting.

Williams most recently served as Chief Operating Officer at Apple until his retirement earlier this year. After becoming COO in 2015, Williams oversaw Apple’s world-class design team, in addition to managing all of Apple’s global supply chain, service, and support functions. Among his many accomplishments during his nearly three-decade career with Apple, Williams was responsible for the launch of the Apple Watch and architecting the company’s health and fitness strategy.

He comes with quite a resume, should be a good addition.

 

[clarker99]

That 5-10% margin thru 2026 is what has the street concerned given they are losing linear margin at 31%.

Per that article I linked, the other concern of the Street is that DTC margin growth has been pretty flat for 5 quarters. Now, if it can get to Netflix margins sooner than later, I think we will be happy, probably not $200 happy, but happy.

View attachment 1030428

The part the street doesn't like hearing is that it is a long game. Netflix didn't hit 10% margin until 2018. 11yrs after launching. We have to be realistic about the rate of growth. It isn't always linear (you see what I did there?)

 

[clarker99]

I could talk for hours about DTC and it's turtle pace. Every earnings call Disney seems to go on about the advertising tools that they have implemented and that they are top of class and the envy of the industry. They also say that the Ad tier is adding subs like crazy. Then they reported less DTC Advertising revenue in FY25 than FY24. Lol.

Disney is in no hurry to blow things out of the water. They want easy yr over yr and quarter over quarter comparisons.

 

[RivShore]

I could talk for hours about DTC and it's turtle pace. Every earnings call Disney seems to go on about the advertising tools that they have implemented and that they are top of class and the envy of the industry. They also say that the Ad tier is adding subs like crazy. Then they reported less DTC Advertising revenue in FY25 than FY24. Lol.

Disney is in no hurry to blow things out of the water. They want easy yr over yr and quarter over quarter comparisons.

That's the part that drives me nuts about the current team - look over here-great sub growth; look over there-best in class ad platform...but don't look over here where margin has stalled at 5% for 5 quarters.

 

[RivShore]

The part the street doesn't like hearing is that it is a long game. Netflix didn't hit 10% margin until 2018. 11yrs after launching. We have to be realistic about the rate of growth. It isn't always linear (you see what I did there?)

Long game, wall st. - two different planets. lol

The other problem for DIS - they have to replace rapidly declining linear and it's 30% margin, unlike Netflix's ramp-up, where any margin was accretive.

 

[HokieRaven5]

That's the part that drives me nuts about the current team - look over here-great sub growth; look over there-best in class ad platform...but don't look over here where margin has stalled at 5% for 5 quarters.

But that’s what Wall St was enamored with when the stock hit $200. The subscriber totals is what helped cause the spike in stock price while the company was making the least amount of money in years. Linear was the only sector actually profiting at the time the stock hit its peak.

And now Wall Street is enamored enough to have nearly 10% of the market tied up with promissory notes that are basically being passed back and forth between tech firms over AI. Hopefully that doesn’t burst.

 

[clarker99]

That's the part that drives me nuts about the current team - look over here-great sub growth; look over there-best in class ad platform...but don't look over here where margin has stalled at 5% for 5 quarters.

I am kind of confused on the flat thing though. We have to look vs previous quarters and the FY.

FY25 vs FY24 DTC Margin growth was 800%. 5.4% vs 0.6%.

Q1FY25 vs Q1FY24 Margin growth was huge: 4.8% vs. -2.2%
Q2FY25 vs Q2FY24 Margin Growth was 588%: 5.5% vs. 0.8%
Q3FY25 vs Q3FY24 Margin Growth was again huge: 5.6% vs. -0.3%
Q4FY25 vs Q4FY24 Margin growth was 27%: 5.6% vs. 4.4%

If we get to 10% in FY26 that will be a 46% increase over FY25.

 

[wabbott]

https://www.thewrap.com/ad-supported-tv-viewership-streaming-broadcast-cable-q3-2025/

Ad-Supported Platforms Made Up 72.9% of TV Viewership in Q3 of 2025

Fueled by football, streaming made up the majority with a 46.4% share, followed by cable with 27.2% and broadcast with 26.4%

by Lucas Manfredi
December 9, 2025 @ 6:00 AM PST

Ad-supported TV viewing accounted for 72.9% of overall viewership in the third quarter of 2025, with streaming capturing 46.4% of the total, followed by cable (27.2%) and broadcast (26.4%).

The latest on ad-supported TV viewership comes after Nielsen reported that streaming accounted for 45.7% of overall TV viewership in October, while broadcast made up 22.9% and cable made up 22.2%.

When looking by media company, YouTube led with a 12.9% share, followed by Disney at 11.4%, NBCUniversal at 8.6%, Fox at 8.4%, Paramount at 8.2%, Netflix at 8%, Warner Bros. Discovery at 5.6% and Amazon at 3.8%.

 

[RivShore]

I am kind of confused on the flat thing though. We have to look vs previous quarters and the FY.

FY25 vs FY24 DTC Margin growth was 800%. 5.4% vs 0.6%.

Q1FY25 vs Q1FY24 Margin growth was huge: 4.8% vs. -2.2%
Q2FY25 vs Q2FY24 Margin Growth was 588%: 5.5% vs. 0.8%
Q3FY25 vs Q3FY24 Margin Growth was again huge: 5.6% vs. -0.3%
Q4FY25 vs Q4FY24 Margin growth was 27%: 5.6% vs. 4.4%

If we get to 10% in FY26 that will be a 46% increase over FY25.

I would think even the street likes those year over year numbers but they seem to be focused on qtr over qtr more, and I can see the point of looking more recent history on a new line of business like this.

And of course all those wonderful margin gains are laid against the constant and seemingly never ending margin reductions in linear (smaller in percentage terms but giant in dollars).

That being said, this is a legacy media problem and not a Disney problem, as I have said before here, DIS is the best house in a not so nice neighborhood. Look at WBD, where estimates for the value of all their linear networks is a lousy single buck.

Even Comcast, which has the delivery of internet to fall back on, basically a required utility now, has been beaten down worse than Disney - down nearly 50% in the last 5 years vs. 40% for DIS. WOOOWHOOOO, we the best!

 

[RivShore]

https://www.thewrap.com/ad-supported-tv-viewership-streaming-broadcast-cable-q3-2025/

Ad-Supported Platforms Made Up 72.9% of TV Viewership in Q3 of 2025

Fueled by football, streaming made up the majority with a 46.4% share, followed by cable with 27.2% and broadcast with 26.4%

by Lucas Manfredi
December 9, 2025 @ 6:00 AM PST

Ad-supported TV viewing accounted for 72.9% of overall viewership in the third quarter of 2025, with streaming capturing 46.4% of the total, followed by cable (27.2%) and broadcast (26.4%).

The latest on ad-supported TV viewership comes after Nielsen reported that streaming accounted for 45.7% of overall TV viewership in October, while broadcast made up 22.9% and cable made up 22.2%.

When looking by media company, YouTube led with a 12.9% share, followed by Disney at 11.4%, NBCUniversal at 8.6%, Fox at 8.4%, Paramount at 8.2%, Netflix at 8%, Warner Bros. Discovery at 5.6% and Amazon at 3.8%.

Coincidentally, or not, I just upgraded Hulu to no adds because we could not take it anymore! It was $5 more on our Verizon bundle deal and we feel like we got our 5 bucks worth 2 days in. Maybe I should not say that in case our Disney overlords are reading this.

 

[Brian Noble]

If I can choose between ad-supported or ad-free, it is never a choice. My attention is worth far more than the marginal cost. But, I also suspect I am not a typical consumer, which...fine.

And, interestingly, sports is pretty much the only thing I consume that comes with ads these days.

 

[Duckbug.Ducktales]

If I can choose between ad-supported or ad-free, it is never a choice. My attention is worth far more than the marginal cost. But, I also suspect I am not a typical consumer, which...fine.

This is how I feel as well. Makes me wonder, though: which is the most profitable consumer, the ad-based subscriber or the no-ads one?

I have ad-free everything, even YouTube, because I can't stand the ads, but the upgrade cost seems small enough to me that I wonder how profitable I am when companies to loose the ad revenue on me in exchange for $3-10 monthly.

 

[RivShore]

This is how I feel as well. Makes me wonder, though: which is the most profitable consumer, the ad-based subscriber or the no-ads one?

I have ad-free everything, even YouTube, because I can't stand the ads, but the upgrade cost seems small enough to me that I wonder how profitable I am when companies to loose the ad revenue on me in exchange for $3-10 monthly.

Disney said early on when they introduced ad tiers that they expected it to have similar or better profitability vs no ads. Given every other streamer has added ad tiers, they all must think the same. Though they have also flooded the market with ad space so wouldn't ad cost drop and therefor profitability?

 

[wabbott]

A harbinger of future price-cutting industry-wide?

https://deadline.com/2025/12/youtube-tv-plans-bundle-sports-1236644352/

YouTube TV Is Adding 10 Genre-Specific Subscription Plans, Including A Sports Bundle

By Dade Hayes

December 10, 2025 - 8:00am PST

YouTube TV says it will begin offering cheaper, more targeted packages of programming starting early next year.

 

[clarker99]

This is how I feel as well. Makes me wonder, though: which is the most profitable consumer, the ad-based subscriber or the no-ads one?

I have ad-free everything, even YouTube, because I can't stand the ads, but the upgrade cost seems small enough to me that I wonder how profitable I am when companies to loose the ad revenue on me in exchange for $3-10 monthly.

Disney said early on when they introduced ad tiers that they expected it to have similar or better profitability vs no ads. Given every other streamer has added ad tiers, they all must think the same. Though they have also flooded the market with ad space so wouldn't ad cost drop and therefor profitability?

They have not specifically said what the average ad tier sub generates per month. They did tell us in January 2025 that they had 157million ad tier customers. https://thewaltdisneycompany.com/di...pported-monthly-active-users-mau-methodology/

If I do some basic math, we may be able to get an idea in how much they generate per ad tier sub per month. Disney's Q1FY25 (Oct-Dec 2024) DTC ad revenue was $952m.

So, $952m divided by 157m ad tier subs = $6.16 per sub per quarter divided by 3months = $2.05/mo per sub per month.

 

[Duckbug.Ducktales]

They have not specifically said what the average ad tier sub generates per month. They did tell us in January 2025 that they had 157million ad tier customers. https://thewaltdisneycompany.com/di...pported-monthly-active-users-mau-methodology/

If I do some basic math, we may be able to get an idea in how much they generate per ad tier sub per month. Disney's Q1FY25 (Oct-Dec 2024) DTC ad revenue was $952m.

So, $952m divided by 157m ad tier subs = $6.16 per sub per quarter divided by 3months = $2.05/mo per sub per month.

Okay, well that's not much! Sounds like the non-ad subscribers might be more profitable. Glad to know I'm profitable

 

[RivShore]

Some interesting tax appraisal numbers...

https://www.clickorlando.com/news/l...nge-county-to-court-over-excessive-tax-bills/

That is some appraisal for a parking lot.

And wow, Galactic Starcruiser, the gift that keeps on giving!

Property	Est. Assessed Value
Epcot	$794.6 million
Hollywood Studios	$639.4 million
Magic Kingdom	$621.8 million
Animal Kingdom	$495 million
Coronado Springs Resort	$349.7 million
Grand Floridian Resort	$333.2 million
Caribbean Beach Resort	$243.1 million
Boardwalk Resort	$95.5 million
Wilderness Lodge Resort	$94.3 million
Ft. Wilderness Resort	$91.4 million
1500 Live Oak Lane	$73.3 million
Blizzard Beach	$72.5 million
Magic Kingdom Parking Lot	$68.5 million
Typhoon Lagoon	$53.2 million
Galactic Starcruiser (Defunct)	$38.3 million
Disney Transport Parts House (2451 Recycle Way)	$6.8 million
Amateur Athletic Union HQ (1910 Hotel Plaza Blvd.)	$4.1 million
AdventHealth Centra Care (12500 State Road 535)	$2.9 million
South Apopka Vineland Road	$2 million
Miscellaneous Property (12552 State Road 535)	$1.6 million

 

[irlandaise]

Some interesting tax appraisal numbers...

https://www.clickorlando.com/news/l...nge-county-to-court-over-excessive-tax-bills/

That is some appraisal for a parking lot.

Location, location, location!